BAKU, Azerbaijan, March 1. Azerbaijan Entrepreneurship Development Fund, one of the main goals of which is to stimulate local production and business, has allocated a loan to local La Ran LLC, Trend reports via the tweet of the Minister of Economy Mikayil Jabbarov.
"La Ran LLC is yet another entrepreneurship entity that received a concessional loan from the Entrepreneurship Development Fund last year. The project on the production of chocolate has been allocated 300,000 manat ($176,470) in concessional loan and will be implemented in Lankaran," said the tweet.
In total, the Fund has financed 2,726 investment projects in 2022. In this regard, the Fund issued easy-term loans worth 145.9 million manat ($85.7 million).
Out of the overall loans, 87.1 million manat ($51.16 million) were issued to agricultural output, 37.3 million manat ($21.9 million) – the industrial production and processing, 9.1 million manat ($5.3 million) – tourism, and 12.4 million manat ($7.28 million) – other industries.
The top 5 financial institutions by the number of concessional loans issued are as follows: Bank Respublika - 746 concessional loans, Yelo Bank - 350, Unibank - 318, Rabitabank - 282, and "Aqrarkredit" NBCO - 282.